Stocks are selling off and crude futures are spiking amid the escalating violence in Libya amid revolutionary fervor in the Middle East. Kristina Peterson, Jerry DiColo and Paul Vigna report.

This transcript has been automatically generated and may not be 100% accurate.

... I ... but in the north ... markets in the market up I'm Paul beanie along ... the Nepean N J follow ... on Jonah start with you cover oil ... the story on C1 and Papertrey The Wall Street Journal ... so tell me is ... that what we're seeing the movie is that playing into the fundamental ... character that is creating a new fundamental picture for oil ... well the thing is really doing is creating fear ... it's a little different from what we saw in Egypt where there could be a problem with supply routes of oil going through the Sumed ... pipeline in Suez Canal ... issue now is that Libby is the twelfth largest ... oil exporter in the world export one point five million barrels a day ... um and so on what we saw earlier with its Middle East unrest this is something that can really have significant supply ... and were seen at the scene and will market this morning so the jump in crude prices the threat were up about I think the six percent ... up from ninety one dollars and the VTI were over hundred six dollars and Brett which the European benchmark ... um ... these are numbers that start to get a little ... a little a little scary or Cerny ish numbers we get above a hundred dollars a barrel where ... you can really start to be an issue ... the article it's topic you can go into over the city ... will prices that ... were there that people are starting to ... complete the share price slide was restored in BP Dubai we haven't seen ... in the U S U S benchmark price gold bubble hundred dollars level we've seen that with the European ... benchmark for ... Electus and were one hundred and six today ... um ... the problem is that most people the US are paying prices close to the under six dollars a barrel ... what were seen in retail gasoline prices dropped about three ... dollars and seventeen cents a countback ... Kristina Tillerson Hot Stocks per second ... this morning the drop in the Dow early yet known in the not so much yet you know this is the only open but only two stocks amid other positive or Chevron and Exxon so the only people benefiting from a dog with the energy company's immensely ... but the great and we did get some encouraging data consumer confidence was better than expected and ten and year highs and lows at least those though we did see stocks pare some of their losses and people like that earnings are put at Home Depot ... on so people are you know ... not ... encourage teams in general by ... pulling back little bit from the plunge of the stock earlier though ... a lot to talk about corruption in the market is the view ... that the ad ... at the factory close on Friday a two-and-a-half year high and aims to ... meet people sense that we are primed for the US ... yesterday ... we were to woo last week ... it is the real question is how ... our mini get peaks like how long will last where we go in terms of how will ... the Ecole Ursa born in terms of Intel the numbers and you know we saw we saw a big jump almost ten dollars a barrel earlier today and that's come back ... what are the reasons that are still lot of spare capacity ... um Saudi oil minister on Amy came out ... today and said you know they have four million dollars a day of spare capacity ... OPEC's ready to meet shortages so it's not as if we should see a huge supply disruption but still ... those numbers are users whose members are going up ... the tendency to have a big reaction immediately and some of the term while and then ... ally and yet as right so ... the enemy news gets even a small ... positive ... it was ... that's all time we have four has been the markets' welcome back four pm to see Simon on the news called ... for breaking news all day long stay logged on to dubious J dot com ...